Coinbase's layer-2 network, Base, is gaining some serious traction, with $1 billion in Total Value Locked (TVL). Realistically, Base is probably the hottest L2 network right now. A lot of people are joining in and sticking around, and the network's TVL confirms this thesis.
Base has been attracting attention thanks to the many projects and popular trends that are active on it. Even though the buzz might not last forever — since Base does not offer anything too out of the ordinary — it is still catching people's eyes for the time being.
One of the reasons people are drawn to Base is its security features, like the ability to stop certain transactions or block wallets, if needed. The function has been used during the most recent Munchables hack. Because of L2 censoring at the sequencer level, they managed to save $60 million.
Alex DovbnyaLet's take a closer look at Base's TVL. The Total Value Locked is the total amount of money inside the network. It counts all the different cryptocurrencies that people have put into the system. Seeing this number go over $1 billion means a lot of money is flowing into Base. It is a sign that the network is growing and that people are really interested in what is happening there.
However, because of how Base handled the Munchables hack, saving so much money, it has earned a reputation for being a secure place to be, plus becoming a home for various strong DeFi projects. This might keep people interested for longer, even if the network is not the most unique one out there. For now, Base is enjoying a lot of attention, and the high TVL is proof of that.
Alex Dovbnya
Vladislav Sopov
Dan Burgin